7-12-4342. Details relating to lighting district bonds and warrants. (1) Said warrants or bonds shall be in the denomination of $100 or fractions or multiples thereof and may be issued in installments.
     (2) Such warrants or bonds shall be redeemed by the treasurer when there is money available therefor in the fund against which said warrants or bonds are issued and shall bear interest from the date of registration thereof until called for redemption or paid in full, interest to be payable annually on January 1 of each year as expressed by the interest coupon attached thereto, which may bear the engraved facsimile signature of the mayor and city clerk.
     (3) Such warrants or bonds may extend over a period not to exceed 8 years.
     (4) The requirements of this section and 7-12-4341 shall apply to all special improvement lighting districts, including those now in the process of formation or to be formed hereafter.

     History: En. Sec. 4, Ch. 143, L. 1915; re-en. Sec. 5263, R.C.M. 1921; re-en. Sec. 5263, R.C.M. 1935; amd. Sec. 1, Ch. 55, L. 1947; amd. Sec. 18, Ch. 234, L. 1971; R.C.M. 1947, 11-2249(part).